FNB, South Africa’s most innovative bank, is parting with the man widely seen behind its technology evolution over the past few years, Michael Jordaan.
And while Celliers has already long since taken over the reins at the bank, with Jordaan serving in a supporting role during the handover period, questions will be asked on whether FNB can maintain its innovative reputation, created under Jordaan.
“Innovation is a deeply ingrained culture at FNB and extends beyond digital banking to every aspect of our business. The Culture of exploring new ways to offer and support financial services is thus much larger than the CEO,” said Paul Steenkamp, head: FNB Innovators.
“At FNB, innovation is set to continue permeating and turbo-charging all parts of our business, including digital,” Steenkamp said.
“We have already noted that Jacques will expand our innovation programme to included new categories and to encourage new thinking on a much larger scale.”
Steenkamp noted that 2,571 innovations were implemented during the last 12 months at the bank, marking a dramatic increase from over 1,416 in the preceding 12 months.
For Jordaan, the former CEO has already set up a private investment vehicle, MonteGray Capital, which will invest in disruptive technologies and disruptive business models starting in 2014.
And in September, Stellenbosch-based Mxit announced that Jordaan had been appointed as the chairman of the mobile platform’s board. His Mxit involvement will, however, only be strategic.